Statement from Norbert Michel, Senior Research Fellow, Financial Regulations and Monetary Policy at The Heritage Foundation:
“The Dodd-Frank repeal bill that passed the House this afternoon is a giant leap forward in reining in out-of-control Washington regulations.
"In 2010, some in Washington tried to pull the wool over the eyes of the American people by claiming that the Dodd-Frank reforms would prevent another financial crisis - that claim was an outright lie.
"Dodd-Frank systemically ignored the actual causes of the last crisis and all but guaranteed a future one while leaving taxpayers on the hook for bailouts. The bill that passed today isn't perfect, but will go a long way to correcting the problems within our financial system, restraining bureaucrat regulators and preventing future bailouts with taxpayer money.”